Santiment analysts reported a decrease in the volume of Ethereum held on cryptocurrency exchanges. Since June 1, the figure has decreased by 1.16%, and during the summer, exchange reserves of ETH have already reached levels comparable to the early years of the network's existence. Simultaneously, a significant portion of the supply is outside trading platforms: about 35% of all issued coins, according to experts, are used in staking. Additionally, approximately $53 billion is locked in decentralized finance protocols. This distribution structure of the supply means that a noticeable volume of ETH is currently used in various blockchain services rather than being directly on exchange accounts.
An additional factor Santiment mentions is the difference between the inflow and outflow of funds from staking. Currently, about 1.68 million ETH are in the queue for placement, while there are approximately 154,000 ETH withdrawal requests. This shows a significant excess of coins that participants are willing to direct to staking over the volume of ETH planned for unlocking. However, the analysts themselves emphasize that the reduction in exchange reserves cannot be directly interpreted as a signal for an increase in the asset's value. The reduction in the supply available on trading platforms only changes the liquidity structure: if demand from buyers increases, the number of coins that can potentially quickly enter the market through exchanges will be lower.
A similar trend was previously noted by CryptoQuant specialists. According to their data, in the first week of June, the total reserves of ETH on Binance, OKX, Gemini, and Bitfinex decreased by approximately 475,000 coins. On Binance, the volume decreased from 3.87 million to 3.68 million ETH, which is about 190,000 coins. On Bitfinex, the figure for the same period decreased from 2.67 million to 2.49 million ETH, corresponding to a reduction of approximately 180,000 ETH. These data reflect the movement of funds between exchanges, wallets, staking, and other segments of the ecosystem, and therefore do not allow for determining the future price direction on their own. They primarily show a change in the available supply of Ethereum on centralized platforms.
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